If anyone is truly interested in Bitcoin I also suggest taking a look at Peercoin. It is one of the only more popular coins that is not a straight copy and paste of the Bitcoin protocol. It secures the network by allowing users with large sums on coin to generate blocks, rather than requiring that a user have a large, powerful computer.

How does one establish an exchange rate between all of the competing cryptocurrencies out there? Seeing as just about anyone with the relevant tech savvy can design their own cryptocurrency, how does that affect the cryptoeconomy? For example, do we really want Goatse Coin to catch on?

How does one establish an exchange rate between all of the competing cryptocurrencies out there? Seeing as just about anyone with the relevant tech savvy can design their own cryptocurrency, how does that affect the cryptoeconomy? For example, do we really want Goatse Coin to catch on?

The currencies are simply worth what someone is willing to pay for them and that typically depends on their form and function.

Why exactly are we asking you about Bitcoins? So you can flaunt your e-knowledge?

Yes. Also, most people here would otherwise not bother learning about them. The problem is that most people involved in Bitcoin spend too much time talking about how Bitcoin works and not necessarily how it benefits people and this puts people off. It's a trap the Internet fell into for years. I want to change that. This isn't the only place I've tried spreading the gospel of our lord and savior Bitcoin, and it won't be the last.

Why not? While Bitcoin itself may not be perfect, the idea of cryptocurrency is fundamentally better than any other form of currency we have so far.

Because then corporations would just build giant data centers dedicated to farming it, and I think it would be a bad idea to put the generation of our currency in their hands.

Bit coins have a widely fluctuating value. The faster they get mined, the less they are worth. A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment.

Bit coins have a widely fluctuating value. The faster they get mined, the less they are worth. A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment.

Dave this isn't true, as proven by the company KnCMiner. Also, you can't mine Bitcoins faster, the network won't let you. This is the current pie chart distribution of Bitcoin:

Bit coins have a widely fluctuating value. The faster they get mined, the less they are worth. A corporation that spends a billion dollars to mine bitcoins will never come close to a return on investment.

Dave this isn't true, as proven by the company KnCMiner. Also, you can't mine Bitcoins faster, the network won't let you. This is the current pie chart distribution of Bitcoin:

If Intel were smart, they'd get their R&D department to develop a very powerful miner, and then run R&D as a self-funded enterprise.

Actually from an investment standpoint that'd be really stupid. A company as large as Intel can't afford to risk millions of dollars on R&D and waste precious foundry resources trying to money grab from Bitcoin, especially when their interaction alone could crash the currency because people would wonder if they can trust Intel.

Larger companies will become interested once Bitcoin is larger. Until then they won't touch it with a ten foot pole and I really don't blame them.

Not sure what this is implying, especially since Bitcoin went up about $170 since their creation of the facility. KnC is currently making about $5 million a day (assuming they sell 100% of their assets).

Not sure what this is implying, especially since Bitcoin went up about $170 since their creation of the facility. KnC is currently making about $5 million a day (assuming they sell 100% of their assets).

Those would be the assets specifically tailored to mine bitcoins, and which become redundant in 6 months? Good luck cashing that in.